Sam Gejdenson: “the Fed Chairman tells us that senior citizens are benefiting by an overstatement of inflation in this country. The Fed…”

“the Fed Chairman tells us that senior citizens are benefiting by an overstatement of inflation in this country. The Fed Chairman told us there is a crisis in Mexico. It seems to me the Fed Chairman and his policy helped create the crisis in Mexico, and if he is correct about the fact that inflation is overstated in the indicators, then he ought not raise taxes and he ought not raise interest rates. In my State and in my district in Connecticut, many people still want jobs that do not have them. A Fed policy that is based on creating more unemployed is an outrage in a country that is talking about putting people to work. You cannot sit there and tell us that you want welfare people to go to work and then raise interest rates so working people lose their jobs. If there ought to be jobs that are lost, they ought to be at the Fed. We ought to keep inflation not higher but lower so that more Americans go to work, so we can have a stronger economy and continue to reduce this deficit. Mr. Speaker, the Fed policy goes against everything we have done to increase employment and cut the deficit. I say to the Chairman, "Don't raise interest rates anymore."”